Owners’ equity share of household real estate assets remained above 70% for the tenth straight quarter, continuing to mark the highest levels of this share since the late 1950s. The share in the second quarter of 2024 was 72.7%, up from a year ago when it stood at 71.4%. Notably, this is the highest reading…
Existing home sales fell to a 10-month low in August despite easing mortgage rates and improved inventory, according to the National Association of Realtors (NAR). Home sales remained sluggish as the lock-in effect kept home prices elevated. Meanwhile, the share of first-time buyer in August dropped to a record low. However, we expect increased activity…
Prices for inputs to new residential construction, excluding capital investment, labor and imports decreased 0.1% in August according to the most recent Producer Price Index (PPI) report published by the U.S. Bureau of Labor Statistics. Compared to a year ago, this index was up 0.8% in August after a 1.8% increase in July. The inputs…
The average length of time to complete construction of a multifamily building after obtaining authorization was 19.9 months in 2023, according to the 2023 Survey of Construction (SOC) from the Census Bureau. The permit-to-completion time inched up 0.1 months in 2023, after an increase of 2.3 months in 2022, as the ongoing skilled labor shortage…
Over the first seven months of 2024, the total number of single-family permits issued year-to-date (YTD) nationwide reached 599,308. On a year-over-year (YoY) basis, this is an increase of 13.7% over the July 2023 level of 527,158. Year-to-date ending in July, single-family permits were up in all four regions. The range of permit increases spanned…
Shares of new single-family homes built with private wells and individual septic systems decreased in 2023, compared with the previous year. NAHB tabulation of data from the Survey of Construction (SOC) indicates approximately 9% of new single-family homes started in 2023 were served by individual wells and 17% had private septic systems. There are large…
